Cardano Might Drop By 20% Despite Vasil Fork News Excitement

Jul 22, 2022

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Cardano Might Drop By 20% Despite Vasil Fork News Excitement

Originally posted here.
By: Adewumi Victor

Overview

Cardano (ADA) fell on July 21 as the market prefers growing selling pressure around its most stable resistance levels in 2022 over a huge anticipated hard fork. Despite the long-awaited Cardano hard fork potentially going live at the end of July, ADA has run out of buyers. The price of ADA decreased 5% intraday to $0.476. The drop was part of a larger retreat that began a day after it temporarily climbed over its 50-day exponential moving average (50-day EMA; the red wave in the chart below) at $0.50.

Since October 2021, the 50-day EMA has …

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